Title --
  Tong Yang (1319 TT, BUY): AUG 14, 2014
  Taiwan Liposome (4152 TT, BUY): JUN 10, 2013
  Harvatek (6168 TT, BUY): Initial: JUL 12, 2010
  Longwell (6290 TT, BUY): Long Report: JUN 21, 2010
  Tainan Ent. (1473 TT, BUY): Long Report: APR 23, 2010
  TSMT (6278 TT, BUY): Long Report: MAR 24, 2010
  Taiwan Union Tech (6274 TT, BUY): Long Report: MAR 22, 2010
  Tong Hsing (6271 TT, BUY): Long Report: MAR 15, 2010
More Titles
Download File:1590 TT Airtac translation of equity report 140527--sinopac.pdf 
Summary:Buy with a TP at NT$355 (27X 2014 P/E); implying 11.5% upside driven by:

  • Increasing order flow for the machinery industry in 2014.
  • Coming P/E rerating as AIRTACís sales and profits in 2013 and 2014 YTD have set fresh highs. We expect sales/profits to accelerate in 2014 buoyed in part by new channels and new products.
  • Expanding development potential in Chinaís burgeoning automation equipment market, which will drive demand for pneumatic components.
  • Coming market share gain on various competitive edges including superior production, cost, price, etc.
  • Valuation: Trading at ~25X 2014F P/E vs. peak of 28X in recent years.
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